Superannuation needs to reach employee funds on or before 28th January (you’ll need to allow for the Australia Day long weekend).
Late super is not tax deductible – so leap tall buildings if you have to, to get it paid on time.
Don’t forget to create leave requests for the holiday period to keep employee leave balances up to date.
Don’t let an unexpected tax bill spoil Christmas.
Entertainment is the most common type of FBT we see.
(It could also include providing a company car or paying personal bills)
What is considered entertainment? It includes events and/or gifts (at any time of year)
Thinking about rewarding staff with a bonus?
Don’t forget super is likely to apply and you’ll need to use the schedule 5 tax scale to work out the tax to withhold.
If you don’t process and report the payment properly – you can’t claim a tax deduction.
Watch out for the Fringe Benefits Tax (FBT) Grinch ruining the fun for everyone this Christmas!
Read on to find out about nice festive fun that may attract naughty surprise taxes.
Are you looking forward to the Christmas break?
If you are closing your workplace for a week or 2, you’ll need to be across the fairwork rules about shutdowns – check available leave balances and let your staff know now.
Given up trying to find a fully qualified experienced unicorn?
Is it time to consider hiring an apprentice, someone you can train to work your way?
Incentives are available for eligible employers.
Don’t get stuck (with extra tax)!
Before setting your elves to work, check out the rules, so you don’t end up with any surprise tax to pay!
What happens if super doesn’t reach employees funds on time?
Bad things happen.
The expense is no longer tax deductible, it is calculated on all payments to employees (like overtime and allowances), fines are payable to the ATO, interest is payable to the fund for the employee, and directors will be personally chased for the payment. Its bad to be just a little late.
ATO says:
Once you become a director, you are responsible for ensuring the company meets its PAYGW, net GST and SGC obligations in full by the due date.
Need help to keep on top of all the deadlines? Ask us to give you a hand.
July-September super contributions, at the new rate of 11.5%, must be received (by fund) by 28th October, regardless if you pay monthly or quarterly.
Severe penalties will apply for late payments.
